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Friday, January 3, 2014

Richard Russel: What to do in the face of massive manipulation?

Daily Pfennig: " Did you see the numbers from the Perth Mint? If you didn't then get a load of this. The Perth Mint, said that sales of Gold coins and bars totaled 754,635 ounces in 2013, VS 533,333 ounces in 2012! And the same for Silver coins and bars, which totaled 8.6 million ounces in 2013, VS 6.5 million ounces in 2012!

All the while the price of Gold and Silver plummeted in 2013. Doesn't that smell fishy to you? It sure does to me! And it's not Tilapia, or Grouper, Snapper, or Yellow Tail, or even Redfish or Flounder that smells. That fishy smell is call manipulation. "

USA TODAY: Banks sued for alleged Libor manipulation

Kevin McCoy, USA TODAY

The federal regulator of credit unions is suing 13 banks for the
alleged manipulation of an international standard used to set rates on
mortgages, car loans, student loans and credit cards.

Financial Times of London: The FX is in:

Are foreign-exchange benchmarks the latest to be manipulated by bankers?

IT HAS been a dreadful couple of years for financial
benchmarks. Banks turn out to have rigged LIBOR, an interest rate used
to peg contracts worth trillions. Its equivalent in the world of
derivatives, ISDAfix, has also come under question. Commodities prices
from crude oil to platinum have been the subject of allegations and
inquiries. Now prices in global currency markets, where turnover is $5
trillion a day, are being scrutinised by authorities, who suspect
bankers have tampered with those too.
Switzerland’s financial watchdog announced on October 4th
that it was investigating a slew of banks it thinks have manipulated
currencies. Britain and the European Union also have probes under way.
None has detailed its suspicions, but concerns reportedly centre around
abnormal movements ahead of a widely-used daily snapshot of exchange
rates, known as the 4pm “London fix”. It represents the average of
prices agreed during 60 seconds’ trading, and is used as a reference
rate to execute a much larger set of currency deals. Bankers, who are
big participants in the market, have huge incentives to nudge the price
of a given currency pairing ahead of the fix. With billions of dollars
changing hands, a difference of a fraction of a cent can add a tidy sum
to the bonus pool.

James Rickards: No markets anymore but a lot of manipulation of gold

Manipulations Rule The Markets — Paul Craig Roberts

The Guardian: Gas price fixing investigation sparked by bank trades

Citigroup says its traders made two of the deals which prompted investigations by Financial Services Authority and Ofgem

Bloomberg: JPMorgan Sued With Goldman in Aluminum Antitrust Case

Bloomberg: Big Banks Busted Manipulating Aluminum and Copper Prices

Richard Russel: what to do?

Richard Russell:“What
to do? I've never had such an overwhelming feeling that the cards are
stacked against us, the retail or ‘non-professional’ investors. The
bond market is held up by the Fed. The stock market is levitated by the
Fed's QE. The gold market is rigged by big banks and an assortment of
manipulators. The art and jewelry markets are owned by the world's
billionaires. Farm land is owned by the wealthy. So again, what do we
do? Or what should we do?

One
thing we can do is side with the Federal Reserve and get in the stock
market with a position in the Diamonds (DIAs). Or we can buy and hold
physical gold, and hide it in a very secret place. We can stay away
from bonds and anything else that is extremely sensitive to interest
rates. Or last and surely the easiest on our nerves, we can sit on the
sidelines with Federal Reserve notes (dollars) and some gold and await
developments. Incidentally, I understand that you can buy some heavy
gold chains (you can call it jewelry), and this is one interesting and
safe way of owning gold.

Lately,
I have heard of several advisors who have given up and quit the
business because they no longer trust the manipulated financial and
market data. Not surprisingly, stock market studies they have depended
on for years no longer work in these manipulated markets.